By OGJ editors
HOUSTON, Nov. 23 – Hess Corp., New York, will buy 167,000 net acres in the Bakken oil play in North Dakota from TRZ Energy LLC for $1.05 billion cash.
The properties are producing 4,400 b/d of oil equivalent and are near Hess’ existing acreage. The transaction is to close by Dec. 28, 2010, retroactive to Oct. 1.
At last report, Hess held more than 500,000 net acres in North Dakota and is acquiring another 85,000 net acres with American Oil & Gas Inc. The company hoped to hike production to 80,000 boe/d in 2015 from 16,000 boe/d in the 2010 third quarter.